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Topic: Residuary estate

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	Washington Probate - Estate Planning & Probate Glossary
		A person appointed by a court to administer the estate of a decedent and who was not nominated by the decedent as his/her personal representative, usually because the decedent died intestate.
		Estate assets are usually valued as of date of death for estate tax purposes.
		Payments made from the estate that may be used to reduce decedent's gross estate for estate tax purposes.
	www.wa-probate.com /Intro/Estate-Probate-Glossary.htm (5587 words)

	In the Matter of the Estate of Jane E
		There was also a revocable trust created by her in 1972 which was amended on the same date the will was executed by which the shares and the trust remainderman were made the same as the shares and beneficiaries of the residuary estate.
		The direction cannot be read as a mandate that the portion of the tax attributable to the residuary assets is not to be apportioned in an [176] equitable manner among the recipients of such residuary* gifts (Matter of Coulter, 11 Misc 2d, supra, pp.
		Since [she] did not expressly make a direction against apportionment within the residuary [she] must be presumed to have intended 'gross equality' or equality prior to taxes, rather than 'net equality' or equality after tax [147] [*9] impact (Jerome v.
	www.mfdds.com /pdfs/streng_Matter_of_McKinney.htm (763 words)

	Kansas Judicial Council - 2001 Legislation (Site not responding. Last check: 2007-10-26)
		A direction for the apportionment or nonapportionment of estate tax is limited to the estate tax on the property passing under the instrument unless the instrument specifically provides that such direction is to apply to property passing outside the provisions of the instrument.
		Subsection 1(h) provides the estate tax attributable to any split-interest in a property or fund, such as a life estate, term of years, or lifetime annuity interest and the remainder interest is chargeable against the corpus of the property or the funds that are subject to the split-interest.
		In apportioning an estate tax under this subdivision, the representative shall disregard a portion of the tax that is apportioned under the law imposing the tax, otherwise apportioned by federal law, or apportioned as otherwise provided by this section.
	www.kscourts.org /council/estate01.htm (6175 words)

	revrul83-20
		The portion of a residuary bequest that is certain to be received by a charitable beneficiary is not considered to be a split interest for purposes of section 2055(e) of the Code, even though a temporary allowance for the surviving spouse is payable from the residuary property.
		That portion of the residuary estate certain to be received by charity (or not subject to diversion for a noncharitable purpose) is property in which no noncharitable interest exists and is therefore deductible and not a split interest.
		The property in the residuary estate certain to be received by charity is not a split interest under section 2055(e)(2) of the Code and, accordingly, an estate tax deduction is allowable under section 2055 equal to the value of that portion of the residuary estate.
	www.taxlinks.com /rulings/1983/revrul83-20.htm (932 words)

	Maryland Estate Planning \| Tax Clauses
		The tax is payable by the person to whom property passes and not on the estate of the person from whom it passed.
		The trust corpus was included in the grandmother's estate because she retained the ability to become trustee.
		This may be especially important in second marriage situations where the potential QTIP is not out of the residuary estate (which is to bear the tax).
	www.fredfranke.com /print_tax_clauses.htm (2651 words)

	SSR 70-4
		Her estate was administered and closed, and the co-executors were discharged.
		It showed that R had made specific bequests to four heirs and left the residuary estate entirely to C, who was her grandson and only surviving relative.
		It is accordingly held that C qualifies as the "legal representative" of R's estate within the meaning of section 204 of the Act, and may thus be paid the underpayment of $538.60 which was due R at the time of her death.
	www.ssa.gov /OP_Home/rulings/oasi/31/SSR70-04-oasi-31.html (567 words)

	Providence Hospitals, Sisters of Charity
		A charitable lead trust is a trust that the estate owner establishes either during life or at death.
		Retirement accounts are often exposed to income taxes and estate taxes at a combined marginal rate that could rise to 65 percent or even higher on large, taxable estates.
		A wealth replacement trust is a life insurance trust that may be used in conjunction with a CRT to replace the asset value given to charity and achieve estate tax benefits at the same time.
	www.provhosp.com /giving (2636 words)

	PGDC News Story - Charitable Deduction Reduced by Estate Taxes
		Fagan's estate should be increased by $104,593 (half of the total administrative expenses) on the ground that such expenses should not have been deducted in determining the value of the bequest.
		Fagan's intent that her son's share not be decreased by either the Federal estate tax or the administrative costs, in that she instructed that those items be paid from the residuary estate, and his portion was a specific bequest, not part of the residue.
		Generally, "Congress intended that the federal estate tax should be paid out of the estate as a whole, and that the applicable state law as to the devolution of property at death should govern the distribution of the remainder and the ultimate impact of the federal tax".
	www.pgdc.com /usa/item/?itemID=34191 (2642 words)

	Wills: importance of tax apportionment clause. (estate planning) (column)
		However, a majority of states now require that the estate tax be equitably apportioned among the persons benefiting from their interests in the estate.
		If the estate is large enough, it might mean that the residuary beneficiary will receive no property as a direct result of the tax apportionment clause.
		This is true today more than ever because of ever changing estate tax laws, new planning techniques and the continuing trend of state law to apply a testator's presumed intent in the absence of specific direction to the contrary.
	www.nysscpa.org /cpajournal/old/07299868.htm (1219 words)

	South Carolina Judicial Department - Opinions
		Item II of the will directed the payment of all estate, inheritance, succession, death or similar taxes, other than generation-skipping taxes, be paid out of the residuary estate.
		A "residuary estate," however, is not the equivalent of a "residuary clause." Compare Black's Law Dictionary 1309 (6th ed.
		A testator may have a "residuary estate" even though the will contains no "residuary clause." When a testator fails to include a residuary clause in the will, the law provides for the distribution of that portion of the estate not disposed of by will as intestate property.
	www.judicial.state.sc.us /opinions/displayOpinion.cfm?caseNo=3288 (1754 words)

	OSCN Found Document:PORTER v. PORTER
		Plaintiffs contend that Eda Porter, under the language of the residuary bequest, took a life estate in the undivided two-thirds thereby bequeathed, subject to be determined upon her marriage at any time, and that plaintiffs took a vested remainder therein.
		Disposition not being an incident to a life estate, and no such power being granted to his widow, as such, he evidently intended that at her death the residuary bequest should go as a remainder in reversion to his children under the provisions of sections 8408 and 8409, Comp.
		The reversion is the residue of an estate left, by operation of law, in the grantor, or his successors, or in the successors of a testator, commencing in possession on the determination of a particular estate granted or devised.
	www.oscn.net /applications/oscn/DeliverDocument.asp?CiteID=41257 (1490 words)

	The courts and IRS assist planners who have million dollar GST problems. (generation-skipping transfer tax) (Personal ...
		2652(a)(3) allows the estate of the first spouse to die to elect to be the transferor of QTIP property even though such property is subject to estate tax in the surviving spouse's estate.
		She was also the income beneficiary of the residuary trust that continued after her death in separate trusts for each of three children, with the remainder to grandchildren.
		The estate taxes attributable to the $1 million trust would be paid from the second trust and both trusts would then be subdivided into three separate trusts for each child so that each would have two exempt trusts and one non-exempt trust.
	www.nysscpa.org /cpajournal/old/13665014.htm (1305 words)

	Estate Planning Articles - Funding Trusts
		Many estate plans provide for the creations of trusts after death for the benefit of a surviving spouse, children or a charity.
		With respect to estate assets, a testamentary trust cannot physically be funded until the estate assets are gathered.
		Thus, it is important to analyze the various options available for funding trusts after a testator's death, as the funding decisions may have crucial impact on tax planning and on the interests of beneficiaries in the testamentary trusts.
	www.tartalaw.com /articles/EstatePlanningFundingTrusts.aspx (534 words)

	74663 -- In re Estate of Winslow -- Rulon -- Kansas Court of Appeals
		The share of a residuary legatee who dies without issue before the death of the testator goes to the surviving residuaries, in the absence of some special provision of the will showing a different purpose.
		Estate of Russell, 216 Kan. 730, 534 P.2d 261 (1975):
		In re Estate of Wernet, 226 Kan. 97, Syl.
	www.kscourts.org /kscases/ctapp/1997/19970321/74663.htm (2787 words)

	[No title]
		In re Estate of Paulsen, 113 Colo. 373, 379, 158 P.2d 186, 189 (1945); In re Estate of Peppler, 971 P.2d 694, 696 (Colo. App.
		In re Estate of Fryer, 874 P.2d 490, 492 (Colo. App.
		Newby, 146 Colo. 296, 302, 361 P.2d 622, 625 (1961); In re Estate of Coors, supra.
	www.courts.state.co.us /coa/opinion/2004q2/03CA0368.doc (1720 words)

	Encyclopedia of Real Estate & Mortgage Terms - r
		Encyclopedia of Real Estate & Mortgage Terms - r
		This real estate web site is created in the United States of America and protected by copyright laws.
		Permission should be obtained prior to any reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording or likewise.
	www.homesurfer.com /encyclopedia/r (64 words)

	DRAFTING TESTAMENTARY DOCUMENTS
		By way of further example, if a debt or expense, for which the estate receives an IRC §2053 deduction, is charged against a person's interest, the taxable value of that interest (in both the numerator and denominators of the ratios) should reflect the charge (by reducing the taxable value of the interest).
		In determining the combined estate taxes that would otherwise be apportioned to the recipient, account will be taken of all assets passing to the recipient that are includible in my estate for federal estate tax purposes, including probate assets.
		Notwithstanding the foregoing, expenses (other than general administration expenses and estate taxes) that are directly attributable to a specific gift (such as, but not limited to, property taxes, environmental cleanup costs, insurance, preservation costs and upkeep), that is not a part of my residuary estate, will be charged to the beneficiary of such gift.
	www.trustsandestates.net /EPForms/WillTt.htm (10281 words)

	Richard A. Manning, Jr., lawyers in Jackson, WY, Wyoming (Site not responding. Last check: 2007-10-26)
		At common law, if a beneficiary should die between the execution of the will and the death of the testator, the bequest to that beneficiary lapses - that is, the gift becomes void - and the bequeathed property is distributed according to the will's residuary "catchall" clause.
		If the will contained no residuary clause specifying disposition of the rest, residue, and remainder, of the estate and named no contingent beneficiary, the property is distributed according to the state's intestacy law.
		One of the main purposes for making and leaving a will is to guide the administration of the estate of the testator--the person who made the will.
	richardamanninglaw.com /EstatePlanning.jsp (415 words)

	Estate of Maybelle Wilson
		Estate of Maybelle Wilson Download as PDF Back to Opinions page MAINE SUPREME JUDICIAL COURT Reporter of Decisions Decision: 2000 ME 49 Docket: Was-99-331 Submitted on Briefs: December 17, 1999 Decided: March 15, 2000 Panel:WATHEN, C.J., and CLIFFORD, RUDMAN, DANA, ALEXANDER, and CALKINS, JJ.
		Shriners contends that the court erred in (1) finding the residuary clause contingent upon the simultaneous death of Maybelle Wilson and her husband, John Wilson; and (2) refusing to consider statements contained in an affidavit by the attorney who drafted the will.
		Residuary beneficiaries under the 1960 will were Maybelle Wilson's brother and her niece and nephew who were her brother's children.
	www.courts.state.me.us /opinions/documents/00me49wi.htm (2304 words)

	DRAFTING WILLS AND TRUSTS FROM AN INCOME TAX PERSPECTIVE
		An executor is in a fiduciary relationship with the estate, and the beneficiaries of the estate, and, perhaps, with the creditors of the estate.
		The law requires that the estate have its own TIN if it has income sufficient to be taxed or if a Form 1041 for the estate will need to be filed, as is usually the case.
		Estates must pay income taxes in four quarterly installments on April 15, June 15, September 15, and January 15 beginning with the third taxable year.
	www.trustsandestates.net /ProbateIncomeTax/DraftingForIncomeTax.htm (4113 words)

	Estate of Davis
		Estate of Davis Download as PDF Back to the Opinions page MAINE SUPREME JUDICIAL COURTReporter of Decisions Decision: 2001 ME 106 Docket: Ken-00-622 Argued: May 17, 2001 Decided: July 18, 2001 Panel: WATHEN, C.J., and CLIFFORD, RUDMAN, DANA, SAUFLEY, ALEXANDER, and CALKINS, JJ.
		Davis' will leaves the residuary estate to the trustee of a 1972 trust that Davis established, and the trust provides for the distribution of the trust assets.
		The will leaves his residuary estate to Depositors Trust, in trust, "to be added to the principal of the trust" created by the 1972 trust agreement.
	www.courts.state.me.us /opinions/documents/01me106d.htm (2088 words)

	Hupp, Lanuti, Irion & Burton, PC \| Articles
		The residuary estate is so named because it is the residue or remainder of the estate; that property which is controlled by the Will but which is not specifically given away otherwise in the Will.
		One point to remember about the residuary estate is that it is the primary source for the payment of the expenses and taxes.
		However, a life estate does not offer all of the protections against creditors that a spendthrifted trust does; and in the case of intangible personal property, failing to use a trust could result in a dissipation of the principal by the life tenant.
	hupplaw.lawoffice.com /article_will.htm (4223 words)

	Is there a definition of residue or residuary estate in Estates and Protected Individuals Code? (Site not responding. Last check: 2007-10-26)
		In my case, there's only a small amount of cash in the estate and there are three pecuniary bequests in the will, so payment of the full estate tax out of the estate would reduce the pecuniary bequests.
		A residuary devise would abate after property not disposed of by the will but before a general or specific devise.
		Therefore, the "residuary estate" would take on its ordinary meaning of what is left subject to the will after the payment of all charges for administration and the payment of general and specific devises.
	courts.co.calhoun.mi.us /epic0345.htm (282 words)

	Giving (Site not responding. Last check: 2007-10-26)
		A Donor may be able to reduce income and estate taxes, pass property tax-free to heirs, receive increased income for life and still be generous to charity.
		A residuary bequest is used to give Community Foundation all -- or a portion of -- one's property after all other debts, taxes, and expenses and all other bequests have been paid.
		A bequest can also be stated as a percentage of an estate or of a residuary estate.
	www.obcf.org /giving.htm (1443 words)

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